European political leaders and the institutions of the European Union have reacted to the Euro crisis by creating conditional debt packages, in cooperation with the IMF (International Monetary Fund). Such “aid packages” typically prescribe severe austerity measures, similar to the structural adjustment programmes applied to many troubled developing countries, especially since the 1980s. The results have rarely been a success. 2
It is clear that voices all across Europe and beyond, and from all across the political spectrum, are opposed to this treaty. Many are urging the Irish people to reject it and, if given the chance, would be campaigning for its rejection by referendum in their own countries.
A new Pan-European network to fight against the EU's austerity policies and support a fairer, greener, more democratic Europe has been launched in Brussels, following two days of discussion and debate at CEO's conference on the EU in Crisis.
We are punishing the innocent, the people who are supposed to pay through austerity, and we are rewarding the guilty because the banks are continuing to receive huge privileges and subsidies from our governments.
In brief video interviews, European activist scholars expose how the EU Fiscal Treaty is undermining democracy, and share their hope that the Irish referendum will open up debate on citizens' alternatives to the EU programme of 'permanent austerity'.
2011 witnessed the implementation of some of the most comprehensive undemocratic structural changes in the EU since the Lisbon Treaty. Alternative proposals for a progressive exit from the euro crisis are laid out here.
The real news in Greece is not about riots, but of a growing number of people who have broken away from fear and decided to fight back against the austerity imposed by the 'Troika' of the European Commission, the European Central Bank and the IMF.
The Celtic Tiger might just find its strength and appetite for action in the growth of left leaning electorates and local citizens initiatives. The tailspin of economy caused by austerity policies should be countered by a transparent debt audit.
Did fiscal irresponsibility cause the EU crisis? Are European institutions democratically accountable? Is the European Commission politically neutral? Check out TNI's debates with a representative of the European Commission.
The Greek crisis has exposed the fundamental flaws in the Euro project: it stripped countries control over the price of money and allowed political elites to undermine Europe's post-war social contract.
Until the European Commission shows it has learnt the lessons of the 2008 financial crisis and demonstrates the political will to re-regulate the financial sector, it will be unable to resolve the crises in Greece, Ireland and Portugal
Marica Frangakis, Nicos Poulantzas Institute, Athens
07 အောက်တိုဘာလ 2011
Every story needs a narrative, an explanation of why things happened the way they did. In such a narrative lie the answers of how to avoid/correct similar developments in the future and how to propagate positive ones.
On 8 June the EU Parliament will vote on our response to the Eurocrisis: sign this petition by ATTAC asking them to reject the neoliberal austerity package which will make the public pay for the bank's crimes. There are alternatives to austerity.
Three years since the outbreak of the global financial crisis, the banks are back making mega-profits while the burden has clearly shifted to citizens and workers. However civil society action at European level could still make a difference in reining in the financial sector.